Word: eccleses
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Capitalist. The one remarkable man on the new Board is the governor appointed to the four-year term and designated by the President as chairman. At 45 Marriner Stoddard Eccles is lean, smallish, nervous, intense. In manner he is pleasant, impersonal. Like many another New Dealer he is convinced that...
His father was a Scotsman who was taken to Utah by his immigrant family after their conversion to the faith of the Church of Jesus Christ of Latter-Day Saints. They covered the last thousand miles westward on foot. David Eccles prospered, founding one of the Northwest's great...
When he went to Washington in 1934 as an Assistant to the Secretary of the Treasury, Mr. Eccles' business interests included the presidencies of a $2,000,000 milk product company, a big Oregon lumber concern, a huge construction company, and the $50,000,000 Eccles group of banks...
(6 of 7) banker can create deposits with the aid of a willing borrower and a good pen. When a bank lends, say, $25,000 to a businessman, it credits his account with that amount-an addition to the deposits, hence a liability. To balance the books' the bank...
Just what had occurred in the intervening 60 days to make Mr. Eccles change his tune was not explained. But plausible reasons included a sizeable expansion in brokers' loans; a strong resurgence of inflation fever; and, since the present Reserve Board retires in a body this week, an unwillingness...